How To Succeed in Business by Trying!

Many people have asked me how do you succeed in business. There are no tricks or secrets, it takes homework and hard work.

1. You must know your customers. This doesn't mean you read spreadsheets. You don't learn about customers through spreadsheets.  This means if you have a retail or fast food business, you get out there face to face and listen to them. You listen to what they say, not what you want to hear. You ask questions to uncover the truth, no matter how painful the answers may be.

2. You must know your product. This doesn't mean what you have been selling, but why it sells, why some sells well and some does not.

3. You must understand your economics. If you are losing money somewhere in your business, it doesn't matter if it is the most favorite product in your life, you must be willing to either change it to meet customer wants and needs, or stop selling it.

4. You need to know your competition. This doesn't mean those businesses just in your category, it means any business competing for share of time and/or dollars you compete with. In retail, it means all of retail. In fast food, it means all of fast food. For a museum it doesn't mean other museums, it means any location where people would go to spend time and entertainment dollars.

5. You need to know the difference between a fad and a trend. A fad comes and goes; a trend is here to stay. Catch the leading edge of a trend; don't jump on a fad or you will drown.

One final thought. It is ALWAYS about the customer experience no matter what business you are in. It doesn't matter if you are an airline, a restaurant, a bookstore, etc. Every touchpoint must deliver a "remarkable" experience. Example: I I go to a fast food restaurant 3 times a week and spend $10 that is $30 a week, times 50 weeks a year = $1,500 a year times 20 years = $30,000. That's the customer lifetime value. So why would a restaurant like Red Robbin want to charge a family that goes there 3 times a week extra for ranch dressing or a side of salsa for a salad? (This happened to me). Because they don't think about the big picture.

Thanks,
Joe Barnes